COVID-19 Response Update 18
75% Wage Subsidy Approved by Parliament

The 75% wage subsidy was approved by Parliament on the weekend. The application process will be available through the My Business Account portal, however the application is not available yet.

Employers that prove eligible for March are automatically eligible for the next period. After that, the 3rd period will have to be re-applied for. The subsidy will be refunded to the employer, after the period has passed and the application is accepted.

We strongly advise registering for the My Business Account service at this time. If you are experiencing difficulty with this, please call the corporate CRA number at 1-800-959-5525.

This wage subsidy will be available to cover a 12 week period starting March 15th, 2020. Applicants can include individuals, taxable corporations, non-profits and charities. Eligibility is based on declines in revenues as follows:
  • Period 1 is March 15 – April 11 and requires a 15% reduction of March 2020 revenue as compared to either March 2019 or the average of Jan and Feb 2020.
  • Period 2 is April 12 – May 9 and requires a 30% reduction of April 2020 revenue as compared to either April 2019 or the average of Jan and Feb 2020.
  • Period 3 is May 10 – June 6 and requires a 30% reduction of May 2020 revenue as compared to either May 2019 or the average of Jan and Feb 2020.

There are caveats to this subsidy that applicants must keep in mind. The subsidy can be applied for on a cash or accrual basis of accounting, and this can mean the difference between being eligible or not. Please seek guidance from your accountant before applying. Certain extraordinary incomes in prior periods may also be disallowed in the calculation.

The subsidy supports pre-crisis salary up to 75% of the wage/salary paid to a max of $847 per week or the wage/salary paid, if lower than the max. This means that 100% of those making less than $847 per week may be covered during this period. Pre-crisis remuneration is labelled as that which was paid between Jan 1, 2020 and March 15, 2020 and INCLUDES taxable benefits (as the guide of the eligible amount). New employees are also covered. Taxable benefits in regards to use of a company vehicle are not included.

There is no limit on the amount of employees that the employer can claim this subsidy on. Since the subsidy is retroactive to March 15th, those employers that choose to rehire as of this date will require that employees repay the personal subsidies that they have received for the same time period.

The wage subsidy is taxable income where the entity is a taxable entity. If you have claimed the 10% wage subsidy, you can simply deduct it off of this one when you apply for it.

There is also a component which refunds the employer’s portion of EI and CPP during this period. This refund does not count towards the max. subsidy of $847 per week described above.

Details:

Be sure to seek professional advice should you have any questions with regards to this program. Also note that we are expecting even more details as time goes on.
Reminder to Apply

Small Business Impact Grant Guidelines
Small businesses, non-profits, or charities ordered to close or substantively curtail their operations under the COVID-19 public health order may be eligible for the Small Business Impact Grant.

The one-time grant is equal to 15% of sales revenue from either April 2019 or February 2020, up to a maximum of $5,000 per business. You can choose which month will be used to calculate the grant amount.

You can use the grant for anything your business, non-profit or charity needs. The grant is stackable and can be used in combination with the Small Business Rental Deferral Guarantee Program and other provincial and federal Covid-19 programs to support small businesses.


Deadline to apply will be April 25.
If you have further questions about the program, email SmallBusinessImpactGrant@novascotia.ca

If you need assistance in completing the application, we would suggest reaching out to your accountant or feel free to reach out to us and we will help you the best we can.


WORKER EMERGENCY BRIDGE FUND
The Government will provide a one-time payment of $1,000 to bridge the gap between layoffs and closures and the federal government’s Canada Emergency Response Benefit. Read more about eligibility requirements and how to apply:  https://novascotia.ca/coronav…/worker-emergency-bridge-fund/

A toll-free phone line for applications for the worker fund will be open starting at 8 a.m.
Call 1-800-863-6582 after checking eligibility online.
Upcoming Yarmouth Chamber Events

Thursday, April 16 - 9:30am

Let's get Social VIRTUALLY!

Grab your coffee, tea, or whatever else you fill your cup with..we won't tell.. and join us for a virtual coffee!

Bring your questions, concerns, ideas, and your support!

We know that when we all work together we can create a community of stronger businesses as we grow from this experience together.


Friday, April 17, 2020
9:30am
Online Meeting using Zoom

Grant Thornton has been working on a number of things to help their clients and businesses in their communities. They look forward to hosting a virtual meeting with our members. The topics they plan to cover include:

  • Cash flow programs
  • Employee programs
  • Federal credit programs
  • Provincial credit programs
  • Cash flow management
  • Preparing to talk to your bank
  • Financial statement impact

Presenters will be:
  • Cody Lohnes
  • Louis Francoeur
  • Corrine Larkin

COVID-19: Get financing and support for your business

Regardless of the size and scope of your business, these are challenging times for Canadian companies. Export Development Canada (EDC), along with our partners and the federal government, stand ready to support you. 

Our capacity to help Canadian companies was expanded under the $65 billion federal government Business Credit Availability Program (BCAP). Plus, the federal government recently empowered EDC to provide financial solutions to non-exporting companies. Other new assistance tools and programs are also being launched to help you protect your business. 

In our new webinar, presented in  English only COVID-19: Get financing and support for your business , a panel of experts will provide guidelines on how you can access the financial relief and safeguards available to you.

Join us live on Thursday, Apr. 16 from 1 to 2 p.m. ET to learn about:
  • The assistance programs and resources available to your company through your financial institution, the federal government, and EDC
  • How to determine what assistance you qualify for, how to apply, and the timing you can expect 
  • How EDC is helping our customers with capital, insurance and knowledge in our newly-expanded role
  • Where to get information and who to contact 
Essential Links for Federal Business Relief Programs

Here is the list of essential links to the Government of Canada’s programs to help those facing hardship as a result of the COVID-19 outbreak that you can share with your members or post to your website.













Also of interest,  Bank of Canada Actions  to support the economy and financial system.
Symplicity Designs is a Halifax/Moncton based business consulting group and they are providing webinars on a daily basis for free to help you figure out how to navigate you way to the other side of this crisis. We highly suggest checking out their webinars.


In addition to this, we are utilizing our partnerships with our members, other Chambers and organizations in the region who have a number of webinars happening as well.




Be sure to follow us on Facebook to see what we are doing to support our Doctors and Health Care Professionals with our H is for Hero campaign. Be sure to add the frame to your profile picture to show your support.

We have posters that you can hang up in your business, email Rebecca to get yours at rebecca@yarmouthchamberofcommerce.com
Brent Reid  | Commercial Account Manager
A brand of Parkland Fuel Corporation
245 Pleasant St. Yarmouth N.S. B5A 4K3
Cell – 902-844-2675 / Fax – 902-538-1285